Should I Refinance?
Owning a home is great! Although owning a mortgage… Not so much. The great news is that with a mortgage you can refinance and save thousands. Although before jumping into it ask yourself the question “Should I Refinance?”.
Read this great resource that’ll help you decide when it’s a good time or not a good time to refinance your home.
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Interest Rate Basics
So what’s the difference between interest rate and APR? Well, it’s pretty simple really. Although understanding what makes up an APR (Annual Percentage Rate) can make a huge difference in your monthly mortgage payment.
How to Refinance
The basics are straightforward. You get a lender to pay off your old loan, you have now re-financed your mortgage and start making payments to your new lender (hopefully lower payments). Although, what is your motivation? Lower your payment, payoff your mortgage early, take another borrower off the loan?
Closing Costs Suck!
Yes it’s true! Closing costs in-deed do suck, so how can you know you’re not getting ripped off? Well, make sure to pay attention to the “Good Faith Estimate” when shopping for your mortgage.
Why so much for mortgage insurance?
That’s a good question, and everyone in the mortgage industry is asking the same question. Mortgage Insurance has taken a huge hit since the 2008 mortgage industry tank! Hopefully this article can help answer.